There has never been a time of greater uncertainty, change, and volatility.
The Imperial Risk Management programme is expertly designed to help you spot potential financial, corporate, societal, and environmental risks facing your organisation. And to build the practical tools and frameworks to measure and hedge those risks, to bolster your future performance in these unpredictable times.
Part of the Imperial Finance & Strategy Programme portfolio, this immersive 5 day course integrates live interactive sessions with Imperial College Business School professors and peers from a broad diversity of backgrounds and geographies. Your learning is enriched by insights from faculty, industry leaders and real-world case studies that help translate concept into practice.
Imperial’s Risk Management programme challenges you to think critically and creatively about risk. You emerge from the programme with the understanding and the refreshed capabilities to:
- Assess risk management practices and frameworks and apply them to real-world industry contexts
- Critically evaluate risk management research and reports
- Analyse innovation in risk management practices arising from paradigm shifts in insurance, asset management and global banking
- Explore the role of corporate governance and its link to risk
Who should attend?
The Imperial Risk Management programme blends the latest quantitative research and the practice of intelligent risk management strategies to expand your understanding and managerial capabilities. The programme convenes a breadth of executives from diverse geographies, industries, sectors and functions, including:
- Finance managers looking to hone understanding of risk regulation and practice
- Risk/portfolio managers who want to distribute capital across multiple investments
- Consultants looking for a broader understanding of risk management techniques and tools
- Explore recent trends in the practice of risk management in both corporate and financial sectors.
- Appreciate the need to overcome individual behavioural and organisational biases to put optimal risk management into practice.
- Create a level playing field in terms of the statistical knowledge and tools that are critical to effective risk management.
- Master the basic rules of probability and measures of tail risk, and learn to apply linear regression models.
- Discover the importance of reputation and brand risk management in the corporate sector using real-world cases. Manage and control risks related to brand and reputation, and examine the role of effective communication.
- Interact with an industry expert and discover how to view risk management decisions, projects or investments as a portfolio of risks.
- Determine risks that can and cannot be diversified, and discover how to risk-adjust performance measures.
- Explore futures, forwards, swaps and options to hedge equity, interest rate, commodity and currency risk.
- Master asset liability management (ALM) for banks, asset managers and corporates, as well as how to use derivatives in ALM.
- Learn how to build a risk department from scratch from the Chief Risk Officer of a $20 billion asset management firm.
- Learn about risk measures such as expected short-fall and Value at Risk (VaR) and how to apply them.
- Understand nonparametric and Monte Carlo VaR models, and how to apply scenario analysis and stress testing.
- Discover how to manage risk in complex and derivative portfolios, and the strategies and techniques to manage exotic risks such as climate change risks.
- Engage with an experienced insurance executive around the principles of risk management in insurance markets.
- Find out how to measure and manage credit risk; and discover what credit default swaps are and how to use them.
- Learn how to manage counter-party risk and how to calculate CVA, DVA, KVA and XVA.
- Appreciate how better risk understanding can accelerate financial judgement and foresight.
- Come away with an appreciation of how all of this can be practiced within risk management.
What you will learn
- Welcome, introduction and overview of the learning journey
- Role of Individual and Collective Biases in Risk Management, Inter-disciplinary Lessons and Trends
- Walk to Carbon Capture Lab
- Experiential Learning Experience – Risk Management in the Carbon Capture Lab
- Foundations of Risk Measurement
- Foundations of Risk Measurement (continued)
- Foundations of Risk Finance Theory
- Foundations of Risk Finance Theory (continued)
- Insights of a CRO in an Asset Management Company
- Financial Markets and Risk Management Instruments
- Networking event
- Market Risk Management (1)
- Market Risk Management (1) (continued)
- Market Risk Management (2)
- Commodity Risk Management
- Bank Risk Management in Practice
- Enterprise Risk Management (ERM)
- Managing exotic risks
- Carbon Risk Management
- Non-Financial/Operational Risk
- Interest Rate and Credit Risk Management Examples in Banking. Use of IRS/CDS
- Risk Management and Insurance Markets
- ERM in Insurance Markets and Challenges of Applying Risk Management in Practice
Programme Director, Professor of Finance and Head of the Finance Department at Imperial College Business School
Professor Kosowski is a research fellow at the CEPR and an associate of the Oxford Man Institute. Previously he was Head of Quantitative Research at a £20 billion asset management firm and specialist adviser to the UK House of Lords.
Professor Kososwki’s research has been published in the Financial Times and Wall Street Journal.
Associate Professor of Actuarial Finance at Imperial College Business School
Enrico Biffis is Associate Director for Development Finance at the Brevan Howard Centre for Financial Analysis. He has collaborated extensively with industry and been the recipient of grants and awards for his research on the modelling and hedging of large risks.
Enrico Biffis has expertise in risk analysis, asset-liability management, and the design of predictive analytics and risk management tools for a variety of asset classes.
Professor in Financial Econometrics at Imperial College Business School
Paolo Zaffaroni holds a summa cum laude degree in economic statistics from Roma and holds a Ph.D. in Econometrics from the London School of Economics. He also teaches at the University of Rome La Sapienza and has previously taught at the London School of Economics and at the University of Cambridge.
His main research interests are empirical asset pricing, portfolio choice, financial econometrics, and econometric theory.
Chief Risk Officer of the Unigestion Group
Didier Michoud began his career with Lloyds TSB Bank in Switzerland. He has served as Risk Manager and Deputy to the Chief Risk Officer for Banque Cantonale de Geneve, Senior Manager of Economic Capital with the Banque Laurentienne du Canada, and Senior Quantitative Analyst for EIM, S.A. where he went on to become Head of Risk Management.
Independent Non-executive Director, Starr Companies and the Hansard Group
José Ribeiro has more than 30 years’ global experience in financial service. He is currently the Chairman at Starr Insurance Companies (a global insurer) and Chairman at Skyline Partners (a parametric insurance venture). In addition, also a non-executive director at Hansard Global (a global life and pensions insurer listed on the London stock exchange).
Audrey Goldstein joined Standard Chartered in 2018. She is part of the Carbon Market Development team, helping the bank develop its capabilities and drive innovation in the voluntary market space through its wide connectivity and market expertise.
Having started her career at Commerzbank in 2010, Audrey has over 10 years of experience in structuring complex deals in the commodity space. She has a deep knowledge of the energy, metal and carbon markets. She has led several complex transactions for various types of clients including financial institutions, governments, supranational and blue-chip corporates globally.
More recently, Audrey worked in the Client Analytics team to provide bespoke analysis helping clients with their financial market risks in the commodity and sustainability sectors.
She now leverages this wealth of experience to develop innovative and relevant carbon solutions for our clients while driving the bank’s efforts to be a leader in scaling voluntary carbon markets globally.
In parallel, Audrey is also co-chair of IETA’s International Working Group, which engages on all aspects of international climate policy, with a particular focus on the establishment of supra-national carbon pricing mechanisms and the implementation of Article 6 in the Paris Agreement.
Audrey holds a Master degree in Risk & Asset Management from EDHEC Business School in France.
Emilie is Millennium’s Global Head of Commodities Risk and Quantitative Futures & FX Strategies Risk. She’s also Chief Risk Officer and co-director of Millennium France. Prior to joining Millennium in 2016, she spent 10 years at JP Morgan, most recently as head of the Gas, Coal and Emissions Trading desk in London, having previously held various positions in the Risk department.
Prior to that, Emilie worked for BNP Paribas in New York and Calyon in Paris.
Emilie holds an MSc in Aerospace Engineering from Ecole Nationale Supérieure de l’Aéronautique et de l’Espace and a Masters in Neuroscience from King’s College.
Rochelle has spent the last three years at the London Stock Exchange Group as the Chief Risk Officer and more recently the Chief Operating Officer for Capital Markets. In these roles she is responsible for embedding risk management within the business. This includes driving improvements in risk culture, managing financial and non-financial risk and managing governance at an Executive and Board level.
Prior to joining LSEG, Rochelle was the Chief Control Officer for the Commercial Bank at HSBC. At HSBC, Rochelle built out the risk framework across several areas including third party, technology, cyber and model risk. Prior to that, Rochelle spent 15 years at Goldman Sachs in London, Bangalore, Sydney, and New York, with leadership roles in Operational Risk, Internal Audit, and program delivery.
A senior executive with extensive corporate, trade finance and risk management experience across Africa. I have worked for culturally diverse firms where I set up, managed, and transformed risk management units with built-in governance and management oversight. My core capability is to build and improve risk management functions, practices, and processes, while bringing strong work ethics, drive, and focus. I am practical, and hands-on in complex, culturally diverse environments.
Strong passion and in-depth knowledge of African counterparties built up over 25 years across a range of sectors covering key African markets.
Adept at working in a cross-cultural setting with a keen and supportive interest in cultural values and norms.
A strong and tested ability to build and develop frameworks covering Enterprise Risk Management.
Zbigniew Kominek is the Managing Director, Head of Finance at the European Bank for Reconstruction and Development (EBRD) in London. He is responsible for financial and operational planning, financial policies, budget and financial reporting.
Zbigniew joined the EBRD in 2003 and worked in several roles in the Office of the Chief Economist and the Risk Management department, including as the Director, Risk Policy and Analytics in charge of quantitative risk models, model validation, stress testing, risk data analysis and risk policy framework. Prior to joining the EBRD, he worked as an economic consultant on regulation of network utilities and competition issues in the UK.
Zbigniew holds a PhD in Economics from the University of Leicester (UK), master degrees in Finance and Quantitative Analysis from the Warsaw School of Economics (Poland) and an MBA from the Booth School of Business at the University of Chicago. Zbigniew’s research has been published in leading journals, including the Journal of Finance and the Journal of Applied Statistics.
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